We all know Bryan Hagen, who worked for renown appraiser DW Skelton for almost 13 years, who helps us figure out this cray cray real estate market from time to time.
Bryan has left Skelton & Associates to fulfill a dream of starting his own appraisal firm. It’s Hagen Appraisal Services and he is (sometimes) operating out of his home office — he tells me 95% of appraisers work out of their homes, anyhow.
Of course Bryan hasn’t missed a beat at work. He tells me the Dallas market continues to see tons of multiple offers in the $500,000 to $600,000 home price range. Appraisers are still catching up on sales because comps that are even one month old can be, well, OLD in this market. (Forget 30/60 comps, way outdated). Appraisers are really having trouble getting to values.
“It’s the busiest summer we’ve seen in the last 2 to 3 years,” said Bryan. “Usually things slow down in July, and August is typically the slowest month of the year. July was not slow. Right now I don’t envision a slow August, either.”
The big homes are taking longer to sell, but sell they are, like that recent sale on Inwood Road. Lots are hot and trading in Park Cities.
Bryan’s prediction for fall: another strong season with lots trading, lots of building. He’s not worried about interest rates. No sir.
“The 1980’s saw the hottest market ever with 18% interest rates,” he says.
Are we getting to a bubble I ask? (Even frothy?)
“I don’t see any signs,” he says. “There are too many companies and people moving here. Its the major corporations. No bubble in 2016. Everything is healthy.”
Warning: Bryan does think there is a limit on how high land values can go.
“We cannot have double digit increases for another ten years,” he said.
And dirt, he says, is very, very much in demand right now.